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Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. Prepare the journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. List debit entry before credit entry) Date Account Titles July 1 Notes Receivable (b) Your answer is correct. Cash e Textbook and Media List of Accounts ite Your answer is partially correct. Account Titles Interest Receivable Interest Income Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming it makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) Interest Receivable Interest Income Interest Receivable Debit Interest Income 75600 Debit 376 2266 Credit 1134 75600 Assistance Used Attempts: unlimited Credit 10000 1512

Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. Prepare the journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. List debit entry before credit entry) Date Account Titles July 1 Notes Receivable (b) Your answer is correct. Cash e Textbook and Media List of Accounts ite Your answer is partially correct. Account Titles Interest Receivable Interest Income Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming it makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) Interest Receivable Interest Income Interest Receivable Debit Interest Income 75600 Debit 376 2266 Credit 1134 75600 Assistance Used Attempts: unlimited Credit 10000 1512

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. (a) Prepare the Journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) July 1 (b) Your answer is correct. Date Account Titles Notes Receivable Cash e Textbook and Media List of Accounts ite ➡ Your answer is partially correct. Account Titles Interest Receivable Interest Income Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) Interest Receivable Interest Income Interest Receivable Debit Interest Income 75600 Debit 378 1000 2268 Credit 1134 75600 Assistance Used Attempts: unlimited Credit DOOOOO 378 756 1512
Transcribed Image Text:Crane Limited borrowed $75,600 from National Limited on July 1 and Issued a three-month note payable at 6% due at maturity on October 1. Crane's year end Is August 31 and the company records adjusting entries only at that time. (a) Prepare the Journal entry that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the payment of $75,600 to Crane Limited on July 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) July 1 (b) Your answer is correct. Date Account Titles Notes Receivable Cash e Textbook and Media List of Accounts ite ➡ Your answer is partially correct. Account Titles Interest Receivable Interest Income Prepare the journal entries that National Limited would record on the note It received from Crane Limited, assuming It makes adjusting entries monthly, for the accrual of Interest Income on July 31, August 31, and September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the question statement. List all debit entries before credit entries.) Interest Receivable Interest Income Interest Receivable Debit Interest Income 75600 Debit 378 1000 2268 Credit 1134 75600 Assistance Used Attempts: unlimited Credit DOOOOO 378 756 1512
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